The graying of the baby boomer generation will have a huge impact on retirement planning, health care, Social Security, taxes and investing in 2024 and beyond. And that’s not just for Americans 65 and over, but for younger Americans saving for retirement as well.
According to the U.S. Census Bureau’s population projections, about 12,000 people will turn 65 every day in the next year. That’s about 4.4 million in 2024. And by 2030, all boomers — those born from 1946 through 1964 — will be 65 or older. This means one in every five Americans will have reached the traditional retirement age.